Daily Market Report (29 Oct 2024)
- Wall Street closed firmer ahead of a spate of earnings results and economic data in the coming days.
- The decline in crude oil prices further eased concerns as Israel latest attacks did not target Iran’s oil facilities.
- Meanwhile, the US 10-year yield edged higher at 4.282%. In Hong Kong, the HSI closed positively paring earlier losses as expectations of more stimulus measures may be in the offing following the declining earnings amongst industrial companies.
- On the home front, the FBM KLCI continued to slide as it dipped to just above the 1,610 level despite a promising opening attributed to late profit taking activities by foreign funds again.
- We suspect recent outflows of foreign funds can be due to expectations of a smaller rate cut by the Federal Reserve, which also saw the MYR weakening against the greenback to currently RM4.36.
- All said, the crude palm oil (CPO) price is heading for a highest monthly average closing for October at RM4,391/tonne thus may see some focus on the Plantation stocks.
- For today, we expect the index to hover within the 1,610-1,620 range.
